Price ceilings are primarily targeted to help __________, while price floors generally benefit __________
a. producers; no one
b. increase tax revenue for governments; producers
c. increase tax revenue for governments; consumers
d. producers; consumers
e. consumers; producers
E
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The wage premium in the United States represents a
A. cost of higher education. B. decreasing return to higher education. C. higher return to college education. D. result of declining college attendance since 1973.
The following diagram shows the market demand schedule for a good. When the price of the good is P, the shaded area represents:
a. ?consumer surplus. b. ?marginal utility of the good. c. ?shortage. d. ?marginal valuation of the good. e. ?price floor.
A public museum is an example of a
A) government-sponsored good. B) public good. C) good which generates a positive externality. D) good which generates a negative externality.
Making "how much" decisions involves
A) calculating the total benefits of the activity and determining if you are satisfied with that amount. B) calculating the total costs of the activity and determining if you can afford to incur that expenditure. C) calculating the average benefit and the average cost of an activity to determine if it is worthwhile undertaking that activity. D) determining the additional benefits and the additional costs of that activity.